» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 44 | NO. 38 | Friday, September 18, 2020

Sales of new homes surge 4.8% in August

Print | Front Page | Email this story

NEW YORK (AP) — The market for newly constructed homes in the U.S. continued its upward climb in August, despite the ongoing pandemic and lingering worries about the future of the U.S. economy.

The Commerce Department said sales new homes rose by a very strong 4.8% in August to a seasonally-adjusted annual rate of 1.01 million units. That's on top of the massive jump in new home sales that happened in July, climbing that month by 13.9%.

The gains reported Thursday by the The Commerce Department follow steep declines in March and April when COVID-19 infections spread in the U.S. The pace picked back up in the summer, driving home prices in many places to record highs. Record low mortgage rates have been a major driver of the sales, as well as pent up demand from earlier in the year during the lock downs.

New home sales are now up 43.2% from this point last year.

The median price of a new home sold was $312,800, according to the Commerce Department.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0